05 May 2020, 11:57 by Newsquawk Desk
- German Constitutional Court did not find ECB's PSPP to be in violation of prohibition on monetary financing
- Sentiment has been dented by the German Court ruling, but remains firmer following a strong APAC handover
- However, GCC ruled that some actions are not valid in Germany relating to the proportionality of PSPP; ECB now has 3-months to demonstrate this – will meet at 17:00BST/12:00ET to discuss
- EUR, Bunds and BTPs were the biggest losers on this; EUR weakness propelled DXY to new session high of...
05 May 2020, 06:54 by Newsquawk Desk
- Asian equities traded positively after taking impetus from the rebound on Wall St where major indices gradually pared initial losses
- Senior Trump administration aides have signaled there will not be any economic punishment for China if it sticks to the trade agreement made in January
- University of Washington Institute for Health Metrics and Evaluation (IHME) updated model predicted the number of US deaths from coronavirus could reach over 134k by August
- In FX, the DXY was softer and traded below the...
04 May 2020, 11:50 by Newsquawk Desk
- President Trump said tariffs would be the ultimate punishment on China and warned that that if China doesn't buy US goods, the US will end the trade deal
- US Secretary of State Pompeo stated that there is enormous evidence that the coronavirus outbreak originated in a laboratory in Wuhan
- Sentiment is subdued following President Trumps remarks while European bourses catch-up from Labour Day holiday
- US President Trump said he is not doing stimulus without a payroll tax cut
- UK are reportedly...
04 May 2020, 06:54 by Newsquawk Desk
- Asian equity markets began the week mostly lower as concerns mount over US-Chinese tensions and activity at the inter-Korean border
- US President Trump said tariffs would be the ultimate punishment on China and warned that that if China doesn't buy US goods, the US will end the trade deal
- US Secretary of State Pompeo stated that there is enormous evidence that the coronavirus outbreak originated in a laboratory in Wuhan
- UK is looking to relax the lockdown measures beginning May 26th, according to The...
01 May 2020, 11:55 by Newsquawk Desk
- European bourses are predominantly closed given Labour Day, while the FTSE 100 is down over 2% with US futures posting similar losses
- US President Trump said the China trade deal is now secondary to what China did regarding the virus and that he has seen evidence the virus had originated from Wuhan Institute of Virology in China
- Additionally, Trump suggested he can retaliate against China with tariffs
- Apple beat EPS and Revenue but device breakdown missed expectations while Amazon missed EPS but...
01 May 2020, 06:54 by Newsquawk Desk
- The tone in Asia was subdued owing to the mass closures in the region for Labor Day and the negative handover from Wall St
- US futures were pressured after-hours following mega-cap earnings from Amazon and Apple
- US President Trump said that he has seen evidence the virus had originated from Wuhan Institute of Virology in China
- UK PM Johnson said we have passed the peak, adding a comprehensive plan will be released next week on the reopening of the country
- Looking ahead, highlights include UK...
30 Apr 2020, 12:32 by Newsquawk Desk
- European bourses are subdued after a modestly positive start; FTSE 100 & energy names after Shell cut quarterly dividend
- US President Trump said China will do anything they can for him to lose the 2020 election and stated the US is looking at different options regarding consequences for China
- Chinese official Manufacturing and Caixin Manufacturing PMIs fell short of estimates but Non-Manufacturing and Composite PMIs both improved
- US President Trump said they will have a plan to support oil...
30 Apr 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded positively as the region took impetus from the gains on Wall St where sentiment was underpinned by coronavirus treatment hopes
- FOMC left rates unchanged via unanimous decision and is to continue asset purchases in amounts needed to support market functioning and policy transmission
- Fed made no mention of forward guidance or YCC in the statement and the dollar amount of asset purchases was also withdrawn from the text
- NIH’s Dr. Fauci said the data showed Remdesivir had a...
29 Apr 2020, 11:51 by Newsquawk Desk
- European bourses are modestly firmer after a flat/mixed open, US futures are slightly firmer than EU peers ahead of large-cap earnings, US GDP/PCE & FOMC
- US Senate Majority Leader McConnell said he is certainly open to considering more aid for state and local governments
- Fitch downgraded Italy by one notch to BBB-; Outlook Stable – BTP’s lag but have pulled back somewhat; BTP-Bund yield spread within recent ranges
- FX sees the USD softer with most counterparts benefiting aside from GBP, hit via...
29 Apr 2020, 06:54 by Newsquawk Desk
- Asian equity markets were mostly higher and US equity futures also recovered from the tech-led declines on Wall St
- Alphabet shares were seen higher by around 8% after hours post-earnings as revenues topped expectations
- Fitch downgraded Italy by one notch to BBB-; Outlook Stable. Italy says that economic fundamentals remain solid
- In FX markets, the DXY remained softer following the recent decline below the 100.00 level ahead of upcoming key risk events stateside
- Looking ahead, highlights...
28 Apr 2020, 12:04 by Newsquawk Desk
- European bourses initially opened unchanged but have strengthened significantly in what has been a relatively quiet session ahead of upcoming risk events
- Fed expanded scope and duration of municipal liquidity facility and increased the duration of eligible securities to 3 years from 2 years
- FX sees the USD softer to the benefit of counterparts particularly JPY with USD/JPY comfortably below 107.00; while SEK strengthened post Riksbank
- President Trump suggested the US is not happy with China and are...
28 Apr 2020, 06:54 by Newsquawk Desk
- Asian equity markets were mixed as a deluge of earnings and continued oil rout offset the momentum from Wall St.
- The DXY was marginally firmer after support at the 100.00 level just about held but with price action limited
- President Trump suggested the US is not happy with China and is doing a serious investigation of China's actions in response to the coronavirus outbreak
- WTI crude futures extended on its rout with another double-digit percentage loss to briefly break below USD...
27 Apr 2020, 11:38 by Newsquawk Desk
- European bourses are stronger this morning following the APAC lead, US futures are firmer but to a lesser extent ahead of Fed and on the busiest week of earnings this quarter
- BoJ kept NIRP at -0.1% and long term JGB yield target at around 0% but pledged to buy unlimited JGBs and increased its purchases of corporate bonds and commercial paper
- New York Governor Cuomo said the state will follow the CDC’s recommendation to wait until hospitalization rates decline for 14 days before opening up
- FX sees...
27 Apr 2020, 06:54 by Newsquawk Desk
- Asian equity markets were mostly positive with sentiment underpinned by optimism regarding the reopening of global economies
- US government trial of Gilead's (GILD) Remdesivir is running ahead of schedule and results from the trial could be possible by mid-May
- UK PM Johnson could announce plans for easing the lockdown as early as this week after returning to Downing Street
- Italy PM Conte announced the nation is to begin lifting the lockdown from May 4th with retailers set to open on May...
24 Apr 2020, 12:03 by Newsquawk Desk
- Sentiment is divergent: bourses subdued in Europe after EU leaders meeting while US futures firm up
- US House voted to pass the USD 484bln coronavirus package bill as expected; Trump to sign in a noon ceremony
- EUR weakness initially boosted the USD, but the DXY has yet to eclipse early April highs at 100.94 as weakness in peers has diminished with the DXY recently turning negative on the day
- US Treasury Secretary Mnuchin said they are mulling a lending facility for struggling oil...
24 Apr 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded mostly negative following the lacklustre handover from US where major indices retraced their initial oil-inspired gains
- The DXY was firmer overnight and back above 100.50 as the soured risk tone helped the safe-haven claw back the lost ground
- Gilead's Remdesivir reportedly flopped in the first randomized clinical trial according to draft documents obtained by the FT
- EU leaders talks ended with no agreement on the recovery package
- EU Commission President Von Der...
23 Apr 2020, 12:01 by Newsquawk Desk
- European bourses are marginally softer at present, dented on abysmal PMI numbers and ahead of the EU Leaders meeting
- EU recovery plan could trigger EUR 2tln of spending and investment, recovery find would allow Commission to raise EUR 320bln on the market
- EU is looking to launch the recovery fund on 1st January 2021; however, Italy state they cannot wait until even June for the approval
- Iran's Guards Chief says US ships will be destroyed if they threaten Iranian ships; crude is bolstered on the...
23 Apr 2020, 06:54 by Newsquawk Desk
- Asian equity markets mostly benefitted from the more constructive handover from Wall St where sentiment rebounded in tandem with oil prices
- In FX, the DXY remains above 100.00, EUR/USD flat, Cable sits above 1.2350
- The ECB announced that it will accept some junk-rated debt as collateral in a move to insulate some economies in the face of potential credit downgrades
- Oil prices continued to nurse recent losses in which Brent and WTI crude futures reclaimed USD 22.00/bbl and USD 15.00/bbl...
22 Apr 2020, 11:42 by Newsquawk Desk
- European bourses are firmer by around 1% and overall little moved from opening levels; stateside, futures show a similar pattern
- Crude futures are currently subdued but have been choppy throughout the session with WTI alternating between positive & negative territory
- US Senate approved the new USD 480bln coronavirus relief bill as expected by unanimous consent, which the House is set to vote on this Thursday
- US Treasury Secretary Mnuchin said he think this will be last tranche of money for small...
22 Apr 2020, 06:54 by Newsquawk Desk
- Asian equity markets extended on losses as the subdued tone rolled over once again from Wall St where sentiment was pressured by the continued oil market rout
- Oil prices remained jittery overnight following the prior day’s losses which saw June WTI crude prices briefly slip into single digit territory
- The DXY was rangebound above the 100.00 level, EUR/USD was flat around 1.0850 and GBP/USD languished below 1.2300
- US Senate approved the new USD 480bln coronavirus relief bill as expected by unanimous...
21 Apr 2020, 12:07 by Newsquawk Desk
- Crude remains under substantial pressure, the scale of which was enough to trigger circuit breakers in the June WTI future at USD 11.79/bbl
- European bourses have extended on opening losses, following the crude complex’s decline; US futures are equally subdued
- EU Commission's Thursday summit will not take a final decision on financing a coronvairus recovery fund, according to Diplomats and Officials
- North Korea leader Kim is said to be in grave danger following surgery; however, this has received...
21 Apr 2020, 06:54 by Newsquawk Desk
- Asian equity markets were negative across the board following the weak handover from Wall St where sentiment was subdued
- In crude markets, the soon-to-expire May WTI contract hit lows of USD -40/bbl, whilst the active June contract remained above USD 20/bbl
- The DXY was firmer and rose above 100.00 amid the broad risk-averse tone
- US President Trump hopes to have an agreement on the small business program soon with maybe a vote in the Senate on Tuesday
- Reports suggested that North Korean...
20 Apr 2020, 11:48 by Newsquawk Desk
- European bourses are subdued after spending much of the session relatively mixed/flat, e-mini S&P just below Friday’s lows
- US President Trump’s administration and Democrats in Congress were said to be near a USD 450bln economic relief package for small businesses
- Trump said they are getting closer to a deal with Democrats regarding stimulus and could have an answer on Monday
- PBoC cut the 1-year & 5-year LPR rates, as expected by 20bp and 10bp respectively
- FX sees the USD softer, and...
20 Apr 2020, 06:54 by Newsquawk Desk
- Asian equity markets traded mixed amid the ongoing fallout from the coronavirus pandemic and extended rout in oil prices
- The DXY is relatively flat with upside capped ahead of the 100.00 level. EUR/USD and GBP/USD remain below 1.0900 and 1.2500 respectively
- The PBoC cut the 1-year and 5-year Loan Prime Rates by 20bps and 10bps respectively as expected
- US President Trump’s administration and Democrats in Congress were said to be near a USD...
17 Apr 2020, 11:45 by Newsquawk Desk
- Sentiment remains strong following APAC hours on upbeat, albeit caveated, Gilead virus updates
- US President Trump noted that experts say the curve has flattened and we have passed the peak of new cases; unveiled the 3-phase approach to re-opening
- German Health Minister Spahn said that "as of today, the outbreak has become manageable again"
- China's Parliament Standing Committee is to meet from April 26-29th, according to Xinhua
- FX sees the DXY once again eclipsing 100.00 to the upside, to the...